• NOW

News

  • NOW
Bitcoin: Where do we go When the Lights go Out?

Bitcoin: Where do we go When the Lights go Out?

On June 8, 11:32 a.m. ET., the NYSE halted trading due to ‘technical difficulties’. In a remarkable turn of events, the world stood and watched all of the global markets. There was mention of 11 markets trading smoothly, however, NYSE did not resume trading until 3 p.m. ET. Curiously, amidst the sovereign debt crisis in Greece on this same day, eyes were focused in on China. One market remained unscathed this day: Bitcoin.

Also read: China’s Bleeding Stock Market

Interestingly, on this day of market failure, Chinese investors found themselves frozen out of 72 percent of the global market. This means that U.S. and U.K. markets were clearly affected by a series of waves of financial chaos. This madness throughout Wall Street was also followed by a technical glitch, that had stopped all of United Airlines flights around the U.S. for two hours. The Wall Street Journal’s Web site also stopped working after the NYSE halted trading. Bitcoin exchanges remained constant and fluid.

Theories surrounding “Chinese attacks” come from data supported by Norse Intelligence Network, a US-based securities firm. Norse shows a real-time cyber attack map, which visualizes China as the attacker. Possible scenarios surrounding the “attack” include simple “glitches” in the servers after massive trading prior to the event.

Trading occurred after China’s communist government proposed to send relief for the $2.36 trillion lost in the past month. Meanwhile, Bitcoin price has seen a steady upswing in relation to all global commodities seeing a 20 percent increase in the past month. Bitcoin markets have been a solid safe haven for the sovereign debt crisis, taking higher precedence than gold in the media. Some would say, yes, Bitcoin can remain extremely strong during a massive market outage, but what happens when the grid fails?

Nothing. Bitcoin remains and stays strong. The Honey Badger does not care. Kryptoradio located in Finland is a radio wave transmission constructed to transmit low-bandwidth information over one-way digital broadcast networks. Meaning the blockchain can be kept up-to-date with less than a 2400 baud connection. Bitcoin transactions can be held offline, and with HAM radio transaction verification, and even mining in remote locations is possible. The human race will not freeze. They will try and regain power and communications immediately.

One idea humans transpired are Mesh Networks. Setups like these have infinite possibilities. With very little equipment third world countries have built cost-effective Wi-Fi transmitting networks. Far less than the deployment of telecom services. Mesh networks much like nodes in the Bitcoin blockchain can offer powerful transmissions within a range of 16-24 KM. This maximizes cost or finding [which can be scavenged items] when constructed because it needs fewer nodes. Each node-to-node hops beyond forests and mountain terrains. Throughout these obstacles mesh networks can be made with simple wiring and easily attainable metal objects, making transmissions seamless in a “ No Grid” situation.

One fact is that massive amounts of Data can also be stored on the Bitcoin blockchain. If I can store over 1,000 ebooks and PDFs on a few megabytes, imagine the possibilities the blockchain can handle. World maps, engineering drawings, architecture, how-to-build combustible engines, solar techniques, agricultural methods, literally anything you can think of to survive. Information like this will be highly effective kept on the longest worldwide ledger known to man.

Where do we go when the lights go out? To the Bitcoin blockchain. For a history of useful information, and a way to exchange value and communicate in the event of an apocalyptic catastrophe.

Is Bitcoin a good post-apocalypse currency? Let us know in the comments below.


Images: Shutterstock.


Express yourself freely at Bitcoin.com’s user forums. We don’t censor on political grounds. Check forum.Bitcoin.com.

Tags in this story
Bitcoin, Bitcoin apocalypse, China, Crash, Economic Decline, Greece, headline, news
Related
Bitcoin History Part 17: That Time Mt. Gox Destroyed 2,609 BTC
Bitcoin History Part 17: That Time Mt. Gox Destroyed 2,609 BTC

Technically speaking, it’s impossible to destroy bitcoins. But it is possible to send coins to an unspendable address, rendering them… read more.

SLP Token Environment Built on Bitcoin Cash Continues to Expand
SLP Token Environment Built on Bitcoin Cash Continues to Expand

According to public data, a number of individuals are creating tokens using the Simple Ledger Protocol (SLP) on the Bitcoin… read more.

Jamie Redman

Jamie Redman is a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Redman has written thousands of articles for news.Bitcoin.com about the disruptive protocols emerging today.